BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 24.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,405 shares of the information technology services provider’s stock after purchasing an additional 8,573 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in ServiceNow were worth $24,172,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Charles Carroll Financial Partners LLC purchased a new stake in shares of ServiceNow during the 1st quarter valued at $507,000. Champlain Investment Partners LLC lifted its holdings in shares of ServiceNow by 13.9% during the 1st quarter. Champlain Investment Partners LLC now owns 410 shares of the information technology services provider’s stock valued at $228,000 after buying an additional 50 shares in the last quarter. Raised by Fairfield Bush & CO. its holdings in shares of ServiceNow by 76.5% in the 1st quarter. Fairfield Bush & CO. now owns 1,257 shares of the information technology services provider’s stock valued at $700,000 after purchasing an additional 545 shares during the last quarter. Raised by Middleton & Co. Inc. MA lifted its holdings in shares of ServiceNow by 0.4% in the 1st quarter. Middleton & Co. Inc. MA now owns 22,851 shares of the information technology services provider’s stock valued at $12,725,000 after buying an additional 94 shares during the last quarter. Finally, Beacon Investment Advisory Services Inc. lifted. its holdings in shares of ServiceNow by 15.2% in the 1st quarter. Beacon Investment Advisory Services Inc. now owns 2,610 shares of the information technology services provider’s stock valued at $1,454,000 after purchasing an additional 345 shares during the last quarter. Hedge funds and other institutional investors own 87.49% of the company’s stock.
Analyst Upgrades and Downgrades
NOW has been the subject of several analyst reports. JMP Securities reduced their price objective on ServiceNow from $705.00 to $553.00 and set a “market outperform” rating for the company in a report on Thursday, July 28th. Sanford C. Bernstein began coverage on ServiceNow in a research note on Tuesday, July 19th. They issued an “outperform” rating and a $646.00 target price for the company. Barclays reduced their price target on ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a research note on Thursday, July 28th. KeyCorp reduced their price target on ServiceNow from $567.00 to $520.00 and set an “overweight” rating for the company in a research note on Thursday, July 28th. Finally, Piper Sandler reduced their price target on ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a research note on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $598.84.
ServiceNow Trading rose 0.9%
NOW opened at $434.51 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12. The company’s 50-day simple moving average is $468.08 and its two-hundred-day simple moving average is $493.68. ServiceNow, Inc. has a 1-year low of $406.47 and a 1-year high of $707.60. The company has a market capitalization of $87.77 billion, a price-to-earnings ratio of 477.48, a price-to-earnings-growth ratio of 8.84 and a beta of 0.94.
ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the company posted $0.38 EPS. Business revenue increased 24.3% on a year-over-year basis. Analysts expect ServiceNow, Inc. will post 1.72 EPS for the current fiscal year.
Insiders Place Their Bets
In other ServiceNow news, insider Lara Caimi sold 977 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $514.96, for a total amount of $503,115.92. Following the transaction, the insider now directly owns 43 shares of the company’s stock, valued at approximately $22,143.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC website. In other news, insider Lara Caimi sold 977 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $514.96, for a total transaction of $503,115.92. Following the sale, the insider now owns 43 shares of the company’s stock, valued at approximately $22,143.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Nicholas Tzitzon sold 2,822 shares of ServiceNow stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $438.75, for a total transaction of $1,238,152.50. The disclosure for this sale can be found here. Insiders have sold 30,963 shares of company stock valued at $14,374,230 over the last ninety days. 0.28% of the stock is currently owned by corporate insiders.
ServiceNow profile
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ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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